The global Apparel Re-Commerce Market is on track to experience significant growth, projected to expand at a compound annual growth rate (CAGR) of approximately 24.6% during the forecast period from 2022 to 2032. With an estimated market size of USD 72.12 Billion in 2022, this burgeoning sector is expected to cross USD 652.3 Billion by 2032.
The growing popularity of second-hand and pre-owned apparel, bolstered by the increasing adoption of e-commerce platforms and shifting consumer preferences, is driving this remarkable growth. The market, which was valued at approximately USD 23.18 Billion in 2021, is benefiting from the rise of online resale platforms, offering consumers access to fashion and accessories at more affordable prices while embracing sustainability.
Key Growth Drivers
- E-Commerce Expansion: The continued growth of online shopping, particularly within the fashion industry, has been instrumental in propelling the Apparel Re-Commerce market. Since 2010, the surge in B2C e-commerce sales has made apparel more accessible globally, with online fashion platforms becoming key players in driving demand.
- Sustainability Trends: Consumers are increasingly opting for second-hand clothing as part of a broader shift toward sustainable and eco-friendly shopping practices. The desire to reduce waste and promote circular fashion is also leading to a growing acceptance of pre-owned apparel.
- Affordability and Variety: Re-commerce platforms offer a wide range of products, from luxury items to everyday fashion, at discounted prices. This allows customers to own high-quality apparel and accessories without paying full retail prices, attracting a broad customer base, including millennials and Gen Z shoppers.
- Digital Platforms: Online re-commerce platforms have simplified the process of buying and selling used clothing. With detailed product descriptions, high-quality images, and direct communication channels between buyers and sellers, these platforms have made second-hand shopping a seamless experience.
Regional Insights
- United States: The Apparel Re-Commerce market is gaining momentum, particularly among millennials and Gen Z consumers. Youth in the U.S. are embracing the resale market, not only for fashion items but also for luxury goods. The shifting focus towards sustainability, combined with changing fashion trends, makes resale platforms highly popular in the country.
- China: Despite being the world’s largest manufacturer and consumer of apparel, the re-commerce sector faces challenges in China. The reluctance to purchase second-hand goods is largely driven by cultural factors, including social status, superstitions surrounding second-hand items, and concerns over counterfeit products.
Competitive Landscape
Some key players in the Apparel Re-Commerce market are Vestiaire Collective, The RealReal, Tradesy, Poshmark, ThredUP, Vinted, SnobSwap, Threadflip, and others. These are popular and well-known brands all over the world.
- Vestiaire Collective, a popular second-hand apparel market is relaunching its brand identity in March 2022, with the motto ‘Long Live Fashion!’. They also introduced five icon puppets, promoting the use of pre-loved clothing and also showcasing the diversity of the community, loving their services. Another reason is to spread awareness about the environmental effects of throwing away clothes and the sustainable future of the fashion market.
- Realreal, an authentic online marketplace for luxury goods has introduced a sustainability calculator. This calculator shows the impact of the resale of products like handbags, jewelry, and many others. The calculator calculates the carbon emission and water footprint reduction due to the resale of any specific product, indicating the positive environmental effects of second-hand products.
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Key Segments Profiled in the Apparel Re-Commerce Market
By Companies:
- Tier-1 Companies
- Tier-2 Companies
- Tier-3 Companies
By Product Type:
- Clothing and garments
- Footwear
- Accessories
- Handbags
- Others
By End User:
- Adult
- Kids
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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